Stephen Moore: Facebook’s Libra Is a New Challenge to Banks
Just when it seems the entire world is against Facebook’s Project Libra, Mark Zuckerberg and his team have gotten a new friend in Stephen Moore, an American writer, television commentator, and confidant of U.S. President Donald Trump.
Moore has described Libra cryptocurrency as an interesting venture that represents a new challenge to central banks, reports Yahoo Finance on June 24, 2019.
Moore Supports Libra
Per sources close to the development, Stephen Moore, a U.S. politician under the Republican party, has thrown his full weight behind the Libra cryptocurrency being developed by social networking giant, Facebook.
Specifically, Moore, a former member of The Wall Street Journal editorial board who was initially picked by Trump to join the Federal Reserve’s Board of Governors, has reportedly opined that Libra is a good thing, as it serves as a wake-up call to central banks.
In his words:
“Project Libra is interesting because it represents a new challenge for central bankers that they now have competition from private currencies.”
The co-founder and ex-president of the Club for Growth and fellow at The Heritage Foundation, who has a penchant for bashing women, claims he has been carefully studying bitcoin and other blockchain-based digital assets. He added that it’s high time apex banks realized a world with credible cryptocurrencies is almost here.
He also noted that if Libra cryptocurrency succeeds, it could create the much-needed balance between the borderless world of cryptocurrencies and the traditional financial system.
“I think on balance, [Libra] is a good thing,” concluded Moore.
Libra Weathering the Storm
After several months of keeping the details of its multi-billion dollar project well sealed, Zuckerberg decided to let the cat out of the bag on June 18, 2019, with the release of a comprehensive whitepaper and Libra wallet called Calibra.
Interestingly, the bombshell caused a considerable stir the world over, with various lawmakers, “hodlonauts” and hobbyists talking about Facebook’s massive project which is already backed by heavyweights such as Uber, Visa, PayPal, and others, who believe in Facebook’s vision of revolutionizing the “internet of money.”
As reported by BTCManager on June 21, 2019, the United States Senate Banking Committee has ordered Zuckerberg and his Libra team to testify before it in a hearing on July 16, 2019, in a bid to get a clearer understanding of the project.